ICICI Securities has issued a buy rating on Oberoi Realty with a target price of ₹2151 per share in its research report dated August 13, 2026. According to the brokerage's analysis, the recommendation is based on a 40% premium to FY27E NAV, indicating strong confidence in the company's growth prospects and market positioning.
The brokerage highlighted Oberoi Realty's successful 360 North, Gurugram launch which generated ₹81 billion in sales bookings, marking a significant expansion beyond the company's traditional MMR market focus. This successful project launch in the NCR market opens up substantial growth opportunities for the real estate developer in new geographical regions.
On August 13, DTCP Haryana upheld the licence issued to Oberoi Realty's '360 North' project and rejected the claim by Advance India Projects Limited (AIPL), an unlisted company. According to Nomura, the restriction imposed by the Honourable High Court on further allotments and creation of third-party rights via its order dated July 7, 2026 has now ceased to be operative, enabling Oberoi to resume sales for the project. The DTCP confirmed that Licence No. 69 of 2025 dated December 5, 2025, and the order dated June 17, 2025 approving the change of developer in favour of Oberoi Realty remain legally intact.
ICICI Securities estimates substantial growth in sales bookings with ₹131 billion projected for FY27E and ₹139 billion for FY28E, compared to ₹53 billion each in FY25-26. The brokerage expects this growth to be driven by multiple project launches across both MMR and NCR markets over the FY27/28E period.
The research indicates strong financial performance expectations with annuity and hotel EBITDA of ₹13 billion in FY27E and ₹15 billion in FY28E. Additionally, the company is expected to maintain a strong net cash position of ₹5 billion as of March 2027E, providing financial flexibility for future growth initiatives and capital expenditure requirements.
